Veremark, which conducts pre-employment background checks, has reportedly raised $2.8m in an extension to its seed round.
The capital injection was supplied by ACF Investors, Triple Point Ventures and SOV Ventures, according to a report from Tech in Asia. Several angel investors also joined the round, including Rippling co-founder Prasanna Sankar, Wade & Wendy co-founder Drew Austin and Accel investor Rika Christanto.
With the funds, the FinTech company hopes to bolster its position in the market.
Veremark CEO and co-founder Daniel Callaghan told Tech in Asia, “We see this round as an initial stepping stone in the start of transforming the overall ‘trust’ market and build a new category around credential management to drive greater efficiency in the hiring market and beyond.”
The company, which was founded in 2018, offers technology to simplify the background check process when onboarding a new employee.
FinTechs and financial services leverage the platform to be compliant with background checking requirements. The technology is capable of identifying any fraudulent activity and is also able to spot any embellishments by the candidate.
Alongside this, Veremark completes candidate screening that can automate parts of the onboarding process.
It claims to have grown by eight-times over the past year, with its annual recurring revenue exceeding $1m.
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